Are you a Forex trader? Do you want to trade on aglotrade.com? Carefully read Aglo Trade review to know about this broker.
This post promises to share helpful review to support clients/traders in making the right decision.
Aglo Trade is an offshore brokerage company with a lot of promises for traders. The address of broker is indicated at Poysdorf, Austria. What is more, the broker claims to be regulated by different financial authorities – Cyprus Securities and Exchange Commission, Financial Conduct Authority, United Kingdom and others. This, you will find out.
Also, it offers different account types like Starting, Freelance and Expert.
Further, the broker offers different instruments like forex, stocks, commodities, crypto, bonds and indices. Also, it presents a zero spread difference in Buy/Sell.
To clarify, traders must know they are dealing with an unknown broker which does not have a regulation over its head.
See section below …
Deposit and Withdrawal
AgloTrade Minimum Deposit:
As for the payment methods, the broker appears to accept only crypto payments. Rightfully, you should not consider making any payment with this broker because it is a risk.
Another important thing, offshore brokers are commonly known for accepting crypto currencies. For this purpose, payments made through this method are anonymous and can only be traced to a wallet address and not to a specific person. So beware!
AgloTrade leaves us with no specific information on withdrawal fee nor processing days on withdrawal request. The broker provides no clear description on trade requirements that must be met before a withdrawal.
AgloTrade platform offers web based trading platform and not MT4 or MT5 (Industry standard trading platforms) which gives us more reason not to take this broker serious. Many scammers have trading software to fool their victims that their money is being invested.
Aglo Trade leverage can get up to 1:500. Truly, we say don’t consider doing that with an unregulated forex broker like this one because you stand the chance of losing your money.
Why Aglotrade.com Is A Suspicious Broker
First of, Aglotrade.com has no financial authority overseeing its financial services. As far as we’re concerned, this is the one of the most ambiguous yet common remarks made by scammer entities, helping them become as vague as possible but yet retaining the illusion of being legit. On search, we examined the Cyprus Commission’s database and unsurprisingly found out that there is no company with such a name registered with it. See below
Further, we researched the registers Financial Conduct Authority, UK and the Australian Securities and Investments Commission, but neither of the claimed authorities recognized this broker among their licensed entities.
In addition, AgloTrade does not offer money back guarantee which means trading on such platform is clearly a risk as your money cannot be refunded.
These are drawbacks for forex traders to avoid losing money with this scam broker. It is always advisable you check for regulated and licensed broker on financial authorities websites before depositing fund for trading.
AgloTrade Licensing and Regulation
It is not far from believing that this broker is not a licensed brokerage firm. It is not under any financial regulation which means wiring your money for trading is risky. Its unlicensed and unregulated activities are truly a red flag and must be avoided.
COMPARE WITH A TRUSTED BROKER
Fortrade is a UK-based broker with address at Michelin House, 81 Fulham Road London, SW3 6RD, United Kingdom. They are among the best brokers in the industry offering trades in numerous assets including stocks, commodities, currencies, indices, and cryptocurrencies. Fortrade is regulated and licensed by the FCA(Financial Conduct Authority) in the UK well as ASIC in Australia which makes client funds safe. They accept traders worldwide..visit their official website
AgloTrade located at Aglotrade.com claims to be a genuine trading broker, but that cannot be ascertained. From all indications, we would advise traders to steer clear from this FX broker as it likely a platform run by scammers. Therefore, we urge our readers to rely on regulated brokers like this or any licensed entity.
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